Chase Refinances Borrowers Homes

As a result of the billion dollar settlement reached by some of the country’s largest lenders JP Morgan Chase has committed $4.2 billion in an effort to provide assistance to homeowners that are in need of mortgage relief.

Relief will be provided in the form of reducing borrower’s interest rates or the principal owed; in some cases borrowers receive both.

JP Morgan Chase has sent thousands of letters to homeowners notifying them of a drop in rate or principal on their loan; some homeowners seeing rates as low as 2.8%.